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Offsetting Forces In London, Supply Dynamics & Fedspeak Eyed Later


Tsys coil over the last couple of hours, with some equity/oil market weakness helping counter the tick away from best levels of the day.

  • That leaves TYH4 +0-01+ at 109-31+ (range of 109-27-110-00), on around average volume of ~252K.
  • Familiar initial technical parameters remain in play in that contract (support at 109-17/15 & resistance at 110-17+), with the overarching bear threat remaining evident.
  • Curve twist steepening bias remains evident for a second day, with benchmark yields 2.5bp lower to 0.5bp higher.
  • 2s10s and 5s30s continue to coil in established month-to-date ranges.
  • Some focus on today’s 20-Year issuance may be limiting the longer end.
  • IG$ issuance pace will continue to garner attention.
  • FOMC meeting minutes & MBA mortgage app data will cross in NY hours.
  • Elsewhere, Fedspeak from Bowman, Bostic, Barkin & Collins will hit.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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